It’s that time of year, hurricane season, time to pull out the insurance policy and review your coverage. Are you with a financially strong company, a company that can pay a claim in case of a disaster? Although, insurance companies allow changes, some, such a change in deductibles can be done only at renewal time.

The Florida insurance industry changed considerably after the hurricanes of 2004-2005. Many large companies were replaced by smaller ones. But, are these companies financially strong? How quickly will they pay after a claim is filed? Can they pay at all? Today, an insurance company’s financial strength is rated on the several different rating scales. So, be careful. Do some research. Online you can find a list of strongest and weakest insurance companies.

Call your insurance agent. Ask them to go over your policy with you. Check your coverage. It is based on replacement cost to rebuild, not on the market value of the property. Check you deductibles, including the separate hurricane deductible. Do you have a separate flood policy?

If you decide to shift from one company to another, find out if your wind mitigation inspection discounts will apply with a different company. Typically, the inspections are good for 5 years. But, find out for sure. Some companies are requiring new mitigation inspections for discounts, Some are spot checking past inspections for validity, due to the high incidence of fraud in South Florida.

This is also a good time to catalog the items in your house. Take pictures of your valuables and write down the serial numbers. Video taping your home is a great way of capturing the property, while describing your furnishings in detail. Be sure to store the pictures and video tape away from the property, in a safe place, like a safe deposit box. Don’t store them in a home safe. In a fire items can melt inside the safe.